Ummmm anyone notice S+P just downgraded Council debt because National cancelled 3 Waters? LAUGH IT UP REDNECKS!
Ummmmmmmm.
Did anyone notice S+P just downgraded Council debt because National cancelled 3 Waters?
LAUGH IT UP REDNECKS!
Let’s just quickly rewind here.
Key sold 49% of our hydro assets, Māori went to the Waitangi Tribunal to sort their water interests out, Tribunal declared Māori legally do have an interest in water and told the Government to negotiate that.
Labour tried to enact the Waitangi Tribunal ruling on Māori water interests using the co-governance model that National and ACT had created to ensure domestic users of water weren’t crucified by rate rises.
What happened?
Ya’ll got manipulated into believing da Māori’s is stealing da water and you elected this hard right racist climate denying beneficiary bashing Government who have promptly fucked you all and screwed you on the water rates!
EXACTLY!
LIKE!
WE!
TOLD!
YOU!
SO!
S&P slams new Govt’s council finance vacuum
Ratings agency puts 15 councils on review for downgrade, blaming uncertainty over new Government’s financial support after Three Waters repeal; Councils forced to ramp up rates increases
Ratings agency Standard & Poor’s has downgraded the outlooks for the debt issued by 15 councils, immediately increasing borrowing costs and forcing rates increases that will further inflate living costs and keep pressure on the Reserve Bank to keep mortgage rates high.
S&P blamed the new Government’s decision to repeal Three Waters and the resulting uncertainty about how councils would pay to repair and expand infrastructure needed to cope with 1.5-2% per year population growth enabled over the last 20 years by both parties running the Beehive. High population growth boosts GST and income tax receipts for central Government, but loads up massive infrastructure costs for councils, who don’t get a share of GST or income tax, unlike in other countries. The population grew 2.8% last year, the fastest rate since 1947.
The new National-ACT-NZ First Government’s decision to cancel Three Waters and freeze new capital grants to councils without any extra revenue support has essentially robbed Peter to pay Paul, leaving ratepayers stuck with double-digit rates increases that are keeping inflation and mortgage rates up. The new Government’s moves to freeze centralised spending has instead pushed the costs and blame out to councils. S&P’s ratings actions have effectively called bullshit on the Government’s repeal of Three Waters and the RMA without ready replacements
…that’s right. Because this clown Government didn’t have the legislation ready, because it was more important to make Māori a political punching bag, because virtue signalling to rednecks mattered more, they’ve constructed water assets not backed by the Government that investors won’t want to touch leaving ratepayers on the hook for the whole lot!
LAUGH IT UP REDNECKS!
You can lead a settler to a blog, but you can’t make them think.
Increasingly having independent opinion in a mainstream media environment which mostly echo one another has become more important than ever, so if you value having an independent voice – please donate here.
If you can’t contribute but want to help, please always feel free to share our blogs on social media.
Why Ada we have bailed out farmers and this is ongoing as they are always putting their hands out, we also bailed out growers, and we bailed out businesses during the covid and the National government bailed out uninsured peoples from the Christchurch earthquakes now is this fair? And we have bailed out banks, the BNZ, ANZ, AIR NZ and the list goes on.
Yeah right it’s ok to bail out some, but not ‘others’. Then blame the bennies for all the financial woes the country will suffer, which is pure deflection.
The other stupid thing they have done is cancel the ferries how insanely dumb is that.
In less than 4 months Luxon and his Government have been responsible for the drop in S&P ratings. This proves already we are destined to crash and burn under a man with no political experience. We are going backwards thanks to Luxon.